Market Overview
Global Breast Imaging Market is slated to register 7.5% CAGR during the review period, 2019 to 2025, and is projected to reach USD 4.9 billion in 2025.
Market Dynamics
Breast cancer's high prevalence rates around the world are major drivers of the global breast imaging technologies market. Furthermore, with rapid population growth and technological advancements in breast imaging technologies, early detection of breast cancer in developing countries, increased public investment, and fundraising for breast cancer treatment have led to the development of global breast imaging. The market's growth has been aided by rising healthcare expenditures in developed countries, as well as technological advancements in the field of oncology around the world. Furthermore, the introduction of new imaging technologies for the screening and diagnosis of a variety of chronic diseases has had a significant impact on market growth. Several companies engage in corporate social responsibility activities to educate women about breast health and prevention. Companies such as GE Healthcare, for example, have recently released a commercial raising awareness of breast density and its impact on screening techniques. During the appraisal period, demand for breast imaging is expected to rise due to increased awareness. Several major manufacturers are working on the development of innovative breast imaging equipment, which is expected to drive the global market over the forecast period.
Factors such as strict regulatory policies, product recalls, and others, on the other hand, are impeding the global market's growth. Furthermore, most women are apprehensive about having their breasts imaged due to a variety of misconceptions about the disease. This is thought to limit market growth in the coming years.
Segmental Analysis
The global breast imaging market is segmented based on technology, end users, and region.
The global market for breast imaging, by technology, is segmented into ionizing, non-ionizing, and others. The ionizing segment accounted for the largest segment of the market due to a high number of individuals opting for mammography.
Based on end user, the global market is segmented into hospitals and clinics, specialty centers, and others. The hospitals and clinics segment is expected to hold the largest market share.
Regional Analysis
The breast imaging market is divided into four regions: America, Asia Pacific, Europe, and the Middle East and Africa.
The United States is the largest market for breast imaging among all regions. The rising prevalence of breast cancer, innovative imaging solutions for breast imaging, and the development of new imaging devices by major market players are all contributing to the growth. Because of the high level of awareness of breast issues and the availability of appropriate health care facilities in the region, North America dominates the breast imaging market in terms of revenue. The widespread use of imaging modalities such as CT, mammography, and MRI for breast cancer screening is driving the market in North America. Because of the presence of major players and a focus on women's healthcare, the United States is thought to have the largest market share.
The European market is expected to grow significantly as a result of increased spending on research and development by major countries such as the United Kingdom. Europe, which has the second-highest revenue share in the global breast imaging technologies market, is experiencing rapid growth due to high health-care costs and high government disposable income. Due to widespread use of available imaging technologies for breast imaging, as well as the exponential growth of the medical device industry, the market in Germany is growing at a rapid pace. In addition, the desire to develop new imaging devices for early cancer screening is expected to drive market growth in this region.
Due to the presence of some of the largest contributors, such as China, Japan, and India, the Asia Pacific region offers numerous growth opportunities. The breast imaging market is expected to grow in this region as awareness of breast cancer grows, as does the use of medical devices for cancer screening. Furthermore, the rapid growth of the healthcare imaging industry in China and India, as well as rising government support for diagnostic services and healthcare infrastructure improvements, all contribute to market growth.
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Competitive Analysis
Some of the key players operating in the global breast imaging market are Koninklijke Philips N.V. (Netherlands), GENERAL ELECTRIC COMPANY (US), Siemens Healthcare Private Limited (Germany), FUJIFILM Corporation (Japan), Hologic, Inc. (US), Dilon Technologies, Inc. (US), SonoCiné (US), CMR Naviscan (US), Supersonic Imagine (France), PLANMED OY (Finland), and KUB Technologies (US).
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